The ESOP Association
New funding options may exist for businesses, thanks to a new bill from the House and several potential modifications to existing federal relief programs.
Companies that received PPP funds now have an extra week to decide if they should give them back.
Washington Alert: CARES Act Analysis of How Small Businesses Should Assess “Necessity” in Obtaining (or Considering Whether to Immediately Repay) Paycheck Protection Program Loans
There has been a clear shift in the political environment propelled by public discussions of certain large, public companies obtaining loans under the Paycheck Protection Program (the “PPP”) authorized by the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), including Shake Shack, Ruth’s Chris and others. During this time, many small businesses have been quoted in the press expressing frustration with their inability to access the PPP program prior to the first round of guarantee authority being exhausted.
New guidance assures that ESOP companies are eligible for key federal relief under the Paycheck Protection Program.
New guidance and a resource page from the EEOC can help reduce risk as employers make plans to reopen their businesses.
Congress and the Trump Administration have reached a deal on a new round of coronavirus aid entitled the Paycheck Protection Program Increase Act of 2020. The ESOP Association has remained aggressively engaged with key leaders in Congress and the White House to ensure ESOPs and employee owned businesses remain front of mind as legislation is drafted.
Washington Alert: Senators Tell SBA That ESOPs Qualify for Relief, Urge Clear Instruction to Lenders
In response to TEA request, two influential Senators take action to clear the way for ESOPs to receive PPP funds.
Sharing these three informational resources with your employee owners can help them grapple with today’s challenges.
The CARES Act offers credits to businesses that take steps to retain their employees. This Q&A can help ESOP Association members better understand these credits and how they are applied.
ESOP companies can apply for greatly expanded federal financial assistance that may qualify for partial or full debt forgiveness. Read More